Vessel owner North Star has secured a £140M financing package to support the next phase of its growth plan in the offshore wind market
The company is looking to broaden its position as a leading /operator of service operations vessels (SOVs) and seize new opportunities in Europe.
The investment includes a £50M from the Scottish National Investment Bank as well as IFM Investors, Edmond de Rothschild’s BRIDGE, and RBC Capital Markets.
Scottish National Investment Bank’s investment aligns with its mission to support Scotland’s transition to net zero, allowing the continued expansion of offshore wind projects in the North Sea.
North Star, which is owned by Partners Group, a private markets firm acting on behalf of its clients, has bases in Aberdeen, Lowestoft and Newcastle, and has been operating in the North Sea for 135 years. Its 1,300-strong workforce currently manage and operate 42 offshore support vessels.
The firm entered the offshore wind market in 2021 after winning all four long-term charter SOV awards for the Dogger Bank offshore windfarms. The four vessels will be delivered from 2023 onwards, financed by a £127M project facility secured from Allianz Global Investors.
North Star chief strategy officer Fraser Dobbie said, “Raising this level of corporate funding, as well as the ongoing backing of Partners Group, provides us with the means to continue to add to our growing vessel fleet and supports our ambition to be a leading player in the European SOV market.
“The £140M secures the capital required for us to continue our newbuilding programme, whilst providing us with the flexibility to continue to expand these facilities to meet our strategy of 40 new SOVs by 2040.”
